AN UPDATE FROM OUR CEO
To our valued supporters -
As we reflect on the past year, one thing is clear— your generosity continues to shape the future of Morehead State University in powerful and lasting ways� Through your support, the MSU Foundation has made meaningful progress across five key areas that define our mission and elevate our impact�
Thanks to you, we’ve expanded student access and success, ensuring more Eagles have the resources they need to thrive� We’ve strengthened athletic and academic excellence, helping our students compete and achieve at the highest levels� Your gifts have deepened campus and community engagement, creating vibrant experiences that connect MSU to the region we proudly serve� Our endowment value and performance have grown, securing long-term sustainability for scholarships and programs� And we’ve embraced innovation and strategic growth, investing in bold ideas that move MSU forward and provide the highest-quality opportunities for our students�
As you flip through these pages, I hope you see examples of the impact our donors are making every single day� Whether it’s through giving financial assets or giving time, your partnership is making a difference
Every gift tells a story of belief—in our students, in our mission, and in the transformative power of education� Thank you for being part of that story�
Allison Caudill
Allison Caudill (Class of 2005, 2009) Vice President, University Advancement CEO, MSU Foundation
STUDENT SUCCESS & ACCESS
At Morehead State University, student success is at the heart of everything we do Through the generous support of our donors, the MSU Foundation has expanded access to life-changing educational opportunities for students from all walks of life� From scholarships that ease financial burdens to emergency assistance that helps students stay on track during times of crisis, these investments empower our students to persist, achieve, and lead�
Through three key areas of support, donor generosity makes a direct and lasting impact: Ensuring Opportunity, which provides needbased aid to make higher education accessible; Bridging the Gap, which helps students overcome obstacles to retention and degree completion; and Rewarding Success , which recognizes academic achievement through merit-based scholarships �
Every gift opens a door—creating pathways to graduation, career readiness, and lifelong impact.
ELMER R. SMITH COLLEGE OF BUSINESS & TECHNOLOGY
The John and Peggy (Class of 1979) Osborne Scholarship Endowment supports students in the department of business administration who demonstrate academic excellence, resilience, and financial need Reserved for Kentucky residents who are full-time rising juniors or seniors, the award helps ease financial barriers so students can focus on their education and career goals �
The 2024–2025 recipient was Lily Roberts (Class of 2025), a business administration major from Rowan County, Kentucky� Lily graduated this past May with a perfect 4 �0 GPA, reflecting her dedication and drive� After beginning her studies
College of Business Fundraising
$217,288.45
$201,815.11
in accounting, she discovered a passion for human resources management and redirected her academic path�
Roberts broadened her global perspective during a year of study abroad in Spain, strengthened her leadership as high school SGA president and volleyball team captain, and further developed her skills as secretary of Beta Gamma Sigma at MSU—experiences that will serve her well in her career Her journey reflects the true impact of the Osborne Scholarship—empowering students to embrace opportunities, grow as leaders, and graduate ready to make a difference�
Lily Roberts (Class of 2025)
COLLEGE OF SCIENCE & ENGINEERING
Scholarship Spotlight
The David Cutts Scholarship was established to support outstanding STEM students who are committed to academic excellence but may not qualify for traditional forms of financial aid Recipients must be full-time juniors with a minimum 3 0 GPA, majoring in a STEM discipline, with preference given to physics majors � This scholarship plays a vital role in helping talented students continue their studies and pursue their dreams without financial barriers
The 2024–2025 recipient was Ivan Hargesheimer, a dedicated and high-achieving student at Morehead State University� Hargesheimer is pursuing a double major in physics and mathematics, while also minoring in French As Hargesheimer enters his senior year, Ivan continues to excel in his coursework and research, positioning himself for a bright future filled with opportunity and impact� His commitment to learning and drive to succeed embody the spirit of the David Cutts Scholarship
ERNST & SARA LANE VOLGENAU COLLEGE OF EDUCATION
Scholarship Spotlight
The Freeland Educational Scholarship, established by Drs. Kent and Kay Freeland , is dedicated to supporting the next generation of educators � This award provides crucial assistance to first-time freshmen pursuing degrees in elementary or middle grades education, with preference given to graduates of Rowan County Senior High School� Recipients must demonstrate both academic achievement and financial need, ensuring that deserving students have the opportunity to follow their calling to teach
The 2024–25 recipient was Emily Lawson , from Stanton, Kentucky, an early elementary education major� Lawson’s teaching is more than a career choice—it’s a lifelong passion� Inspired by her mother and grandparents, who are also teachers, Lawson grew up surrounded by the classroom environment�
“I have been exposed to teaching as a career my entire life. My mother and two of my grandparents are teachers. Ever since I was eight years old, I knew that teaching is what I wanted to do. I spent my elementary school mornings and afternoons in my mother’s classroom pretending to be a teacher. Although ‘playing school’ is common for this age, I have never wavered in my desire to be a teacher.”
– Emily Lawson
Lawson’s enthusiasm for learning, her organizational skills, and her determination set her apart as a future leader in education� W ith the support of the Freeland Educational Scholarship, she is one step closer to making her dream a reality—shaping the lives of future students and carrying forward her family’s legacy of teaching
CAUDILL COLLEGE OF ARTS, HUMANITIES & SOCIAL SCIENCES
Scholarship Spotlight
Caudill College of Arts, Humanities & Social Sciences Fundraising $269,490.95
The Hesterberg Family Scholarship Endowment was established by Rick Hesterberg (Class of 1980), former MSU Foundation CEO and vice president for University Advancement, and his wife, Latonya (Class of 1984), to invest in the success of Morehead State University students � Designed to support upperclassmen in fields such as business, communication and social work, the scholarship recognizes students who demonstrate academic achievement, financial need, and a commitment to contributing meaningfully to campus life� B y easing financial pressures, the Hesterberg Family Scholarship allows students to remain focused on their goals while making a difference in the MSU community
The 2024–25 recipient was Benjamin Piscopink , a senior majoring in strategic communication from Ripley, Ohio Piscopink is an outstanding student whose impact extends well beyond the classroom � At the MSU Welcome Center, he serves as a friendly and knowledgeable ambassador for the University—greeting visitors, assisting guests, and leading campus tours Through this role, Piscopink demonstrates professionalism, leadership, and a passion for helping others discover the opportunities that MSU provides �
Piscopink’s story reflects the purpose of the Hesterberg Family Scholarship: empowering students who excel academically, serve their campus with dedication, and embody the values of leadership and engagement that prepare them for lifelong success
Rick and Latonya Hesterberg
ATHLETIC & ACADEMIC EXCELLENCE
Fueling Champions
Athletics at Morehead State University is more than competition—it’s a powerful platform for leadership, discipline, and school pride� W ith 17 Division I teams and a legacy of excellence, MSU student-athletes represent the University with integrity, passion, and perseverance—on the field, in the classroom, and in the community�
The MSU Foundation plays a vital role in supporting Eagle Athletics by helping fund scholarships, facility enhancements, travel opportunities, and academic support services � These investments ensure that student-athletes have the resources they need to succeed both athletically and academically Whether it’s a new training facility, upgraded equipment, or tutoring
support, donor contributions help MSU athletes reach their full potential�
Thanks to this support, MSU athletes consistently achieve high graduation rates and academic honors, while also competing at the highest levels of collegiate sports � They serve as role models on campus and ambassadors for the university across the nation�
Every gift to Eagle Athletics is a vote of confidence in the power of sport to transform lives. Together, we are building champions—on the court, in the classroom, and beyond.
CHAMPIONS IN THE CLASSROOM AND BEYOND
Scholarship Spotlight
We proudly recognize Timera Dobbins as the 2024-25 recipient of the Janice Towles (Class of 1986) Scholarship
Dobbins, a junior from Greenbrier, Tennessee, is majoring in media production and journalism � In addition to excelling academically, she is actively involved on campus as a dedicated cheerleader and a member of the Black Gospel Ensemble� Her dedication to communication and leadership is evident in both her studies and campus involvement, reflecting the very qualities this scholarship was created to encourage
The Janice Towles Scholarship was created by Towles herself as a way to give back to Morehead State and support students following in her footsteps � Because of her own positive experience as a student, Towles wanted to ensure others have the same opportunity to succeed� Through this scholarship, students like Dobbins are empowered to continue their education while making meaningful contributions to campus life and their communities �
(L to R): Dr� Jay Morgan, Janice Towles, Timera Dobbins, Allison Caudill
A LEGACY RE-IMAGINED
PHIL SIMMS STADIUM
This transformation marks a new era for Eagle Football.
Morehead State University is proud to honor one of its most distinguished alumni with the renaming of its football stadium to Phil Simms Stadium � The home of the Terry and Susan Jacobs Field, the venue will now bear the name of NFL Super Bowl MVP and MSU Hall of Famer Phil Simms (Class of 2015), celebrating his legacy and lifelong connection to the University
Phil Simms played football at MSU in the late 1970s and rose from a standout quarterback at Morehead State to a legendary career with the New York Giants His leadership, grit, and excellence on the field have inspired generations of Eagles and football fans alike Beyond his professional accomplishments, Simms has generously donated his time to support young athletes, including hosting sports camps for kids that promote skill development, teamwork, and confidence� His dedication to giving back has made a lasting impact on countless youth and reflects his commitment to using his platform to uplift others
The renaming of the stadium is a tribute not only to his athletic achievements but also to his enduring support of MSU and its studentathletes � This transformation marks a new era for Eagle Football� The newly named Phil Simms Stadium will continue to serve as a hub of school spirit, athletic competition, and community pride It stands as a symbol of what’s possible when talent meets opportunity—and when alumni give back to the place that helped shape their journey�
CAMPUS & COMMUNITY ENGAGEMENT
Supporting MSU Through Events and Sponsorships
Giving back to Morehead State isn’t just about philanthropy—it’s also about showing up� B y attending MSU events or contributing through individual and corporate sponsorships, you help strengthen our campus community and celebrate Eagle pride in a meaningful way�
From alumni gatherings to our signature Spring Gala, your participation makes a lasting impact� In fact, the 2025 Spring Gala welcomed our highest number of individual and corporate sponsors ever—a true testament to the power of partnership�
Jerry and Ann (Class of 1969) Brunker prioritize their continued commitment to MSU through regular event attendance� A retiree of MSU, Jerry actively participates in the Retirees Association and the couple enjoyed an evening under the stars at the 2025 Gala!
A corporate table sponsorship at the Spring Gala offers a meaningful way to support Morehead State University while showcasing your business to a broad and engaged audience� It’s a unique opportunity to align your brand with a signature campus event and demonstrate your commitment to education and community impact�
Faculty & Staff Giving
At Morehead State University, our faculty and staff are not only dedicated to serving students through their work each day, but many also choose to go above and beyond by giving back financially This year, we are proud to recognize Dr. Geoff Gearner, recently retired professor of biology who has given back to MSU for 33 consecutive years!
MSU faculty and staff already invest in our students through the giving of their time, but many also take their investment a step further by investing their resources � The employee giving program allows employees to give back to the fund of their choice – even their own department!
DRIVING OPPORTUNITY
THE MOREHEAD STATE LICENSE PLATE PROGRAM
BEAKER
Every time a Morehead State University license plate hits the road, it carries more than school pride—it carries the promise of opportunity� Through the Higher Education License Plate Program Scholarship, a portion of proceeds from MSU-branded license plates directly supports student scholarships, helping Kentucky students pursue their academic dreams at Morehead State�
This unique program allows alumni, supporters, and community members to make a lasting impact simply by choosing a specialty plate� The funds generated support scholarships awarded to undergraduate students who meet the following criteria: they must be full-time students, maintain a
minimum 3 0 GPA, and be residents of Kentucky These scholarships not only recognize academic achievement but also help reduce financial barriers for students committed to excellence�
The impact is tangible Each plate purchased helps a student stay enrolled, focus on their studies, and move closer to graduation� It’s a simple act with a powerful ripple effect— supporting the next generation of leaders, educators, and innovators who will shape Kentucky’s future
Whether you’re an alum, a proud parent, or a friend of the University, displaying an MSU license plate is more than a symbol—it’s a statement of support for student success Together, we’re driving change, one plate at a time
MSU FOUNDATION
BOARD OF TRUSTEES
Allen, Perry (Class of 1983)
MSU Foundation Chair - Finance Committee
Caudill, Allison (Class of 2005, 2009) MSU Foundation CEO - Finance Committee
Cooper, Ronald E. (Class of 1973) Audit Committee
Emmons, Sarah (Class of 1979) Nominating Committee
Fraley, Brandon W. (Class of 2000) Finance Committee
Gilman, Joseph M. “Joe” (Class of 1974) Finance Committee
Grannis, Wayne E. (Class of 1983) Nominating Committee
Grussmeyer, Kyle (Class of 2001) Finance Committee
Harville, Jon R. Audit Committee
Hayes Taylor, Kimberly (Class of 1984) Audit Committee
Ison, Barbara J. (Class of 1964) Nominating Committee
Jennings, James Finance Committee
Johns, Kevin L. (Class of 1994) Nominating Committee
Jones, Andrew (Class of 1990)
MSU Foundation Vice Chair - Finance Committee
Kelly, Karen Finance Committee
McGowan, Daniel L. (Class of 2001) MSU Foundation TreasurerFinance Committee Chair
McKay, Bernard L. “Bernie” (Class of 1991) Finance Committee
Morgan, Dr. Joseph A. Finance Committee, ex officio, MSU President
Nurick, Brian (Class of 1996) Finance Committee
Osborne, Peggy (Class of 1979) Audit Committee
Payne, Colleen H. (Class of 1987) Nominating Committee
Phillips, Todd A. (Class of 1989) Finance Committee
Stokes, Paul Morehead State University Foundation Attorney
Strathmann, Steve (Class of 1988) Nominating Committee
Strosnider, Ed (Class of 1986) Audit Committee
Surmont, Sherry (Class of 2016, 2018) Board Secretary
Teater, William T. “Bill” (Class of 1976) Nominating Committee
Thompson, Heather A. (Class of 1999) Audit Committee
Traver, Brett C. (Class of 1993, 2006) Nominating Committee Chair
Walters, Terri Finance Committee
PROGRESS & PERFORMANCE
The following information outlines investment performance within the MSU Foundation for the period of July 1, 2024 through June 30, 2025.
In today’s complex investment landscape, institutions face unique challenges The mission at Fund Evaluation Group (FEG) Investment Advisors is to empower clients to fulfill their missions through superior investment performance, objective insights and research� FEG is an independent, employeeowned, full-service investment advisory firm with more than 35 years of stability and growth� FEG is headquartered in Cincinnati, Ohio FEG was contracted by Morehead State University Foundation to serve as investment advisor beginning July 2016
MEET ROSS W. NELTNER: OUR FEG REPRESENTATIVE
Ross W. Neltner is senior vice president and advisor at FEG� He has over 15 years of experience helping nonprofit educational institutions with allocation and policy work, governance and education, as well as manager research and selection� Prior to FEG, Neltner served as managing consultant at Cumberland Consulting Group� He holds a Bachelor of Science in Economics from Vanderbilt University and the Chartered Alternative Investment Analyst (CAIA) designation� Neltner was recognized by the Cincinnati Business Courier Journal as one of the area’s “Top 40 Under 40” years old He was inducted into the Highlands High School Athletic Hall of Fame Neltner is also on the Fort Thomas Education Foundation Investment Committee and part of Vanderbilt Commodore Recruitment Programs (CoRPs)� He currently resides in Edgewood, Kentucky, with his wife and three sons
EVALUATING THE PORTFOLIO FROM A HIGH LEVEL
Morehead State University Foundation returned an exceptional 10 0% in fiscal year 2025, outperforming its strategic benchmark, and earned 8 9% annually over the past 5 years �
Fiscal year 2025 returns were driven primarily by global equity, which was +15 8% The Magnificent Seven stocks continued their strong performance, returning nearly 25% in FY25 � Portfolio exposure to non-U�S � equity markets was also additive, with international developed (+18%) and emerging markets (+15%) performing well
For the second fiscal year in a row, private markets underperformed their public market counterparts � The Foundation’s private investments portfolio returned just 2 3% in FY25 while public market indices returned 15 9% (Global Equity), 6 1% (Fixed Income), and 5 7% (Diversifying Strategies) Despite these recent short-term headwinds, private market investments have added significant value to the Foundation’s portfolio since inception and FEG believes they will continue to be a consistent driver of positive returns over the long-term
The portfolio is assuming prudent levels of risk in pursuing investment returns that will support the University now and into the future Further comments on the Foundation’s short- and longterm performance across asset classes are detailed below�
MSU Foundation Asset Allocation
MSU Foundation’s portfolio is diversified by global risk factors such as global equity, global fixed income and diversifying strategies � Taking a long-term view by allocating to private markets (e g private equity & private credit) has been a focal point of the Foundation’s investment strategy with FEG�
MOREHEAD STATE UNIVERSITY FOUNDATION, INC.
ENDOWMENT FREQUENTLY ASKED QUESTIONS
What is “the endowment” at MSU?
MSU’s endowment is a collection of more than 350 individual endowment funds, including more than 290 scholarship funds, 17 endowed chairs or professorships, and numerous endowed program funds that support learning resources as various as lectures, library acquisitions, internships, and the Space Science Center Endowed funds have varying degrees of restrictions, since donors specify the uses of the proceeds
How important are endowed funds?
Endowed gifts last in perpetuity, ensuring the benefactor’s legacy will be remembered for generations � Endowments help student success by making it financially feasible to attend college; they allow us to provide scholarships to deserving students so that they don’t incur an unreasonable amount of student loan debt� Through an endowed chair, endowments fund and recognize excellence in teaching, while attracting and retaining the best instructors at Morehead State� Endowments are an important source of funding as state appropriations have significantly decreased in recent years �
How do I establish an endowment?
Establishing an endowment involves making a gift that is invested so that the yield from the investment is sufficient to cover the specified purpose� For instance, the average MSU scholarship is $1,000� In order to generate annual income of $1,000, the principal of a scholarship endowment needs to be at least $30,000 (assuming maximum income release of 3�5%)�
Minimum Contribution Amounts for Specific Naming Opportunities
Summary of Giving Options and Benefits
Giving Option
Cash or Securities
Benefits
Immediate impact and potential tax benefits
Will or Trust Legacy planning and future support
Retirement Assets
Significant contribution with potential tax advantages
Real Estate ����������������������������������������Retain use of property while planning future gift
Life Estate �����������������������������������������Tax-efficient giving
Annuities/Trusts �����������������������������Income for life and support for MSU
Do I need to fund my endowment all at once?
No� You may pledge to make payments for up to five years to fund an endowment� An endowment will not pay out to its designated purpose until it’s fully funded, however�
How long does it take for my newly established endowed scholarship fund to provide funding for its designated purpose?
When the fund reaches its minimum threshold, the spendable amount is made available the following fiscal year� It is strongly encouraged to make a current-use supplemental gift at the time the endowment is created so that your impact on students and faculty starts immediately�
Can I add to my endowment later?
Yes Individuals can make gifts to add value to the principal at any time O thers also may add to your endowment, and often do so as anniversary gifts, birthday gifts, retirement congratulations, and the like� You can also make plans via your estate to add value to any existing endowments �
How do I know my gift is having an impact on the University and its students?
Communicating with the University’s supporters is a responsibility we take very seriously The MSU Foundation will provide you with updates annually on the performance of the endowment and the specific expenditures for which your fund was used� We will also make sure you have the chance to learn about the students and faculty affected by your generosity� If you ever have questions, of course, contact us
Does the Foundation charge an administrative fee?
Yes � A quarterly fee of up to 2�5% of the five-year rolling average market value of endowed funds supports administrative operations, including investment management �
Why does the University need to know of my planned gift intentions?
While the detail of your will is private, sharing your intentions helps MSU:
• Provide helpful estate planning advice
• Avoid duplication of existing resources
• Inspire others through your example
• Plan effectively for the future and ensure we know your intentions for fund use
How can I participate if I currently don’t have the resources to make a substantial contribution?
Every gift matters, but you may consider these options:
• Make a gift of any amount to an existing endowment fund that supports a purpose important to you – every gift grows!
• Commit to a planned gift via your estate (e�g�, bequests, insurance policies, retirement fund designations)
• Retained life estate (future gift of home or farm)
• Gifts through annuities or trusts (provide life income and support MSU)
If I can reach a higher rate of return on my personal investments, shouldn’t I invest myself so I can give MSU a larger gift?
While personal investments may sometimes yield higher returns, the MSU Foundation invests with longterm stability and prudent risk management in mind B y contributing to the MSU Endowment, your gift becomes part of a professionally managed fund that benefits from scale and strategic oversight
Annual gifts, while deeply appreciated, are not invested in the endowment and therefore do not contribute to its growth� Increasing the principal of the endowment strengthens MSU in several key ways:
• Long-term financial stability : Provides a reliable source of income for years to come
• Sustainability : Ensures MSU can continue its mission even if annual donations fluctuate
• Independence: Reduces reliance on external economic, governmental, or political forces
• Program expansion: Enables growth and innovation through additional resources
There are many ways to make a difference at Morehead State University, and every gift—no matter the size—has an impact on our students.
• Matching Gifts: Double the impact of your donation Many employers offer matching gift programs that will match charitable contributions made by their employees It’s an easy way to increase your support to MSU�
• Recurring Gifts: Set up a monthly, quarterly, or annual recurring gift to provide ongoing support� Recurring giving allows you to make a meaningful difference while spreading your contributions out over time
• Annual Giving Recognition Levels: Join a community of dedicated supporters recognized each year for their generosity� Donors who give annually at established levels are honored for their commitment to advancing MSU’s mission and student success �
Your endowment gift is not just an investment in MSU’s future— it’s a commitment that begins making a difference today.
24 HOUR CHALLENGE –WE HEART MSU
Since 2013, Morehead State University’s 24-Hour Challenge has proven that when Eagles unite, big things happen Celebrated as We Heart MSU Day, this annual giving event is all about collective impact—where even modest gifts add up to extraordinary support for our students and programs
Our 2025 giving day raised nearly $100,000 in outright gifts received within just 24 hours, a testament to the passion and pride our alumni, faculty, staff, and friends feel for MSU� Whether it’s a first-time donor or a longtime supporter, every gift on We Heart MSU Day helps fuel student success and keep our Eagle spirit soaring
Help us keep the momentum going and save the date for We Heart MSU 2026 on March 26-27� From noon on Thursday to noon on Friday, you can be a part of something bold – and something blue and gold! Mark your calendars today
During giving day, the Campus Swag Wagon makes its spirited foray around campus, sharing information about giving day and spreading MSU pride!
PLANS WITH PURPOSE
Including Morehead State University in your estate plans is a powerful way to ensure your values live on and your impact continues for generations Through a planned gift, you can support student success, academic excellence, and the future of MSU—all while creating a legacy that reflects your purpose and pride�
With just one simple addition to your estate planning documents, your thoughtful planning today helps build a stronger tomorrow It’s more than a gift—it’s a statement of belief in the transformative power of education and the enduring spirit of the Eagle community�
“I
give and bequeath [specific amount, percentage, or asset] to the Morehead State University Foundation, Inc�, to support [insert cause, scholarship, program, other area of your choice]� ”
Dr. Sue Luckey
A LASTING LEGACY
Dr. Sue Y. Luckey dedicated over three decades of service to MSU as a faculty member within the College of Business � Along with her husband, Dr. George “Mac” Luckey, Sue prioritized showing support by regularly attending campus events and supporting scholarships
After Mac passed away, Sue made a generous commitment via her estate plans to continue the Luckey legacy long after they’re gone Sue named MSU as the sole beneficiary of her estate to support the Dr� Sue Y� Luckey Scholarship for Business and the Dr� George M � Luckey Honors Student Enrichment Endowment�
In recognition of her gift, the ADUC ballrooms were named in her memory during Homecoming 2025 �
